HANG YOUR OWN SHINGLE
|
|
- Dennis Bishop
- 5 years ago
- Views:
Transcription
1 HANG YOUR OWN SHINGLE FORMS OF PRACTICE/CHOICE OF ENTITY ALPHABET SOUP PLLC, LLP, S CORP, PS, BS!#? Presenter: Jeff Liang Ling & Liang PLLC January 29, 2:30 pm to 3:30 pm Seattle University School of Law Sullivan Hall Room C-5 NOTICE: All materials in this presentation and provided to you are informational. Any answers to questions will not be considered legal advice or guarantee compliance with Washington Rules of Professional Conduct. Available at: 1
2 Four Fundamental Needs: Risk Taker/Entrepreneurial Practice Law Generate business Manage a law practice BIG PICTURE What are your concerns when you are deciding on the type of entity? OVERVIEW 2
3 What are your concerns when you are deciding on the type of entity? Differences between the entities Liability protection Malpractice issues Taxes Professional appearance Partnership agreement OVERVIEW Give you a Checklist! Identify issues you should consider before forming a law firm. Have an idea of the type of entity you should select. Tax issues to consider. A to-do list of how to form your firm. Congrats! You have an entity now what? GOALS FOR TODAY 3
4 Carol Rick Maggie and Glenn MEET OUR VOLUNTEERS CAROL Carol has been licensed for a year. She has two children and has been working as a contract attorney. She also got another job as a contracts manager to provide more stable pay and benefits. Carol is coming to crossroads. Does she continue working as a contract attorney, go full time as a contracts manager, or or hang her own shingle? 4
5 Rick just graduated from law school and passed the bar. While in law school, he worked for Herschel, a solo practitioner where he focused on criminal, family, and estate planning matters. Rick wants to start his own low bono firm and Herschel has offered to give some work to Rick. RICK Maggie and Glenn met during law school and both are committed to offering low bono services. Maggie wants to focus on small businesses, estate planning, and family law. Glenn wants to focus on criminal law. MAGGIE AND GLENN 5
6 What are the benefits and costs to forming an entity to practice law? Benefits Costs/Concerns BENEFITS AND COSTS What are the benefits and costs to forming an entity to practice law? Benefits Costs/Concerns Protect personal assets (not against malpractice) Professional appearance/separate Establish brand Formalize a partnership (Maggie and Glenn) Costs (hire accountant?, formation costs) Maintain entity Takes time away from practicing law Anything else? BENEFITS AND COSTS 6
7 What type of entity do they use? Sole Proprietorship (no entity) General Partnership/Limited Liability Partnership (GP/LLP) Chapter RCW BIG LAW! Professional Service Corporation (PC)- Chapter RCW Professional Limited Liability Company (PLLC) RCW , , Not covering B Corp or Social Purpose Corp. ENTITY TYPES SOLE PROPRIETORSHIP (NO ENTITY) 7
8 SOLE PROPRIETORSHIP (NO ENTITY) Services SOLE PROPRIETORSHIP (NO ENTITY) 8
9 Services $ $ SOLE PROPRIETORSHIP (NO ENTITY) Services $ $ Sole Proprietorship SOLE PROPRIETORSHIP (NO ENTITY) 9
10 Services $ $ Sole Proprietorship (but may form GP, LLP, PS, PLLC) SOLE PROPRIETORSHIP (NO ENTITY) What is it? One individual or a married couple in business alone. Benefits? Easy to manage with fewer legal controls. Sole Proprietorship How easy is to form? Easy. You don t have to do anything. But get a tradename (DBA). Concerns? No liability protection. Taxes: No separate tax return File on your IRS Form 1040 (Schedule C) Subject to selfemployment tax SOLE PROPRIETORSHIP (NO ENTITY) 10
11 Capital Contribution Low Bono Law (GP, LLP) PARTNERSHIP (GP OR LLP BIG LAW) Capital Contribution Low Bono Law (GP, LLP) Services PARTNERSHIP (GP OR LLP BIG LAW) 11
12 Capital Contribution Low Bono Law (GP, LLP) $ Services PARTNERSHIP (GP OR LLP BIG LAW) Distributions Capital Contribution Low Bono Law (GP, LLP) $ Services PARTNERSHIP (GP OR LLP BIG LAW) 12
13 Distributions Capital Contribution Low Bono Law (GP, LLP) GP, LLP $ Services GP, LLP PARTNERSHIP (GP OR LLP BIG LAW) Distributions Capital Contribution Low Bono Law (GP, LLP) GP, LLP $ Services GP, LLP PARTNERSHIP (GP OR LLP BIG LAW) 13
14 What is it? Composed of 2 or more persons Benefits? *Flexible allocation/distribution *Each partner manages General Partnership How easy is to form? *No filing requirement *Partnership Agreement (recommended) Concerns? *Each partner liable *Strict tax requirements Taxes: GP not subject to tax but must file IRS Form 1065 and Schedule K-1 Subject to selfemployment tax PARTNERSHIP (GP OR LLP BIG LAW) What is it? Composed of 2 or more persons. No GP. Benefits? *Flexible allocation/distribution *Liability protection from other partners LLP How easy is to form? *Filing with state *Partnership Agreement (recommended) Concerns? *Strict tax requirements *Can t make S Corporation Election Taxes: LLP not subject to tax but must file IRS Form 1065 and Schedule K-1 Subject to selfemployment tax Use a PLLC! PARTNERSHIP (GP OR LLP BIG LAW) 14
15 PROFESSIONAL SERVICE CORPORATION (PS) Low Bono Advocate, PS Capital Contribution Affordable Law, PS Low Bono Law, PS PROFESSIONAL SERVICE CORPORATION (PS) 15
16 Low Bono Advocate, PS Capital Contribution Affordable Law, PS Services Low Bono Law, PS PROFESSIONAL SERVICE CORPORATION (PS) Low Bono Advocate, PS Fees (taxed unless S Corporation Election) Capital Contribution Affordable Law, PS Services Low Bono Law, PS PROFESSIONAL SERVICE CORPORATION (PS) 16
17 Low Bono Advocate, PS Dividends (taxed) Affordable Law, PS Fees (taxed unless S Corporation Election) Capital Contribution Services Low Bono Law, PS PROFESSIONAL SERVICE CORPORATION (PS) What is it? *Separate legal entity *SHs must be licensed *Officers except Sec. and Treas. licensed Benefits? *Liability protection *Investment vehicle PS How easy is to form? *Filing with state *Bylaws, board meetings, etc. Concerns? *Strict rules to maintain liability protection *Governance! Taxes: Double taxation (unless S Corporation election) Separate tax return (IRS Form 1120) PROFESSIONAL SERVICE CORPORATION (PS) 17
18 Shareholders Licensed Board Members Licensed Officers (President, Vice-President, Secretary, and Treasurer) Licensed (except Sec. and Treas.) PROFESSIONAL SERVICE CORPORATION (PS) PROFESSIONAL LIMITED LIABILITY COMPANY(PLLC) 18
19 Low Bono Advocate, PLLC Capital Contribution Affordable Law, PLLC Low Bono Law, PLLC PROFESSIONAL LIMITED LIABILITY COMPANY(PLLC) Low Bono Advocate, PLLC Capital Contribution Affordable Law, PLLC Low Bono Law, PLLC PROFESSIONAL LIMITED LIABILITY COMPANY(PLLC) 19
20 Low Bono Advocate, PLLC Capital Contribution Affordable Law, PLLC Services Low Bono Law, PLLC PROFESSIONAL LIMITED LIABILITY COMPANY(PLLC) Low Bono Advocate, PLLC Fees (NO entity taxation) Capital Contribution Affordable Law, PLLC Services Low Bono Law, PLLC PROFESSIONAL LIMITED LIABILITY COMPANY(PLLC) 20
21 Low Bono Advocate, PLLC Distributions (taxed) Fees (NO entity taxation) Capital Contribution Affordable Law, PLLC Services Low Bono Law, PLLC PROFESSIONAL LIMITED LIABILITY COMPANY(PLLC) What is it? How easy is to form? *Separate legal entity *Filing with state that has owners called members. *Bylaws, board *Member-Managed or meetings, etc. Manager-Managed PLLC Benefits? *Liability protection *Flexible management *Easy to add/remove members Concerns? *Tax reporting *Self-employment tax Taxes: PLLC not subject to tax but must file IRS Form 1065 and Schedule K-1 Subject to selfemployment tax However, can make election to be taxed as an S Corporation PROFESSIONAL LIMITED LIABILITY COMPANY(PLLC) 21
22 PS - Governance PROFESSIONAL LIMITED LIABILITY COMPANY(PLLC) PS - Governance PROFESSIONAL LIMITED LIABILITY COMPANY(PLLC) 22
23 PS - Governance Member-Managed or Manager-Managed Licensed PROFESSIONAL LIMITED LIABILITY COMPANY(PLLC) Profit and loss taxed to Carol and Rick individually (IRS Form 1040 Schedule C) Must document expenses for tax purposes Example: Carol buys a laptop. She splits the use between work and personal use. Can she deduct the laptop as a business expense? Same result if they each formed a PLLC with only one member TAXES - SOLE PROPRIETORSHIP 23
24 Low Bono Law, PLLC TAXES GP, LLP, OR PLLC Partnership is not subject to federal tax Must file information return (IRS Form 1065) Must issue Schedule K-1 to partners to report share of profit and loss Must file and pay state and local taxes Partnership is a Pass through entity means all profit and loss pass through to partners Each partner reports his share of income Pay self-employment tax (15.3%) Low Bono Law, PLLC TAXES GP, LLP, OR PLLC Partnership is not subject to federal tax Must file information return (IRS Form 1065) Must issue Schedule K-1 to partners to report share of profit and loss Must file and pay state and local taxes 24
25 Low Bono Advocate, PS Low Bono Advocate, PS subject to tax (max rate 28% to 39.6%) Must file tax return (IRS Form 1120) Must file and pay state taxes TAXES PS Rick, as shareholder, is subject to a second tax on dividends (i.e., distributions from Low Bono Advocate, PS) Tax on dividends is 15% Double taxation! Low Bono Advocate, PS Low Bono Advocate, PS subject to tax (max rate 28% to 39.6%) Must file tax return (IRS Form 1120) Must file and pay state taxes Note: Same result if Carol or Maggie/Glenn formed a PS TAXES PS 25
26 How do we get out of the double taxation of a PS or the self-employment tax of a PLLC? TAX ISSUES S CORPORATION ELECTION What is it? *A tax election and not an actual corporate entity. *PLLC or PS can make election *Profit paid as W-2 wages and as a dividend (no self-employment tax) Benefits? *Pass through treatment *No Self-Employment Tax S Corp How do you elect? *IRS Form 2553 (fax it in) *Due < 2 months and 15 days after tax year (i.e., 2/15) or during preceding tax year (late election also possible) Concerns? *Will need to establish payroll *May need accounting support to determine reasonable compensation S CORPORATION ELECTION 26
27 Low Bono Advocate, PS or PLLC TAXES S CORPORATION Entity not subject to tax Entity must file information return (IRS Form 1120-S) Limits: i) < 100 SHs/Owners; ii) All must be U.S. citizens or green card holders; and iii) same ownership rights (not equal owners but same voting rights) Low Bono Advocate, PS or PLLC TAXES S CORPORATION Paid a reasonable wage which is subject to lower employment tax (W-2 wages 12.3%) Receives a dividend of pro rata share of profits (which is not subject to selfemployment tax). Entity not subject to tax Entity must file information return (IRS Form 1120-S) Limits: i) < 100 SHs/Owners; ii) All must be U.S. citizens or green card holders; and iii) same ownership rights (not equal owners but same voting rights) 27
28 Low Bono Advocate, PLLC Net Profit $60,000 Self-Employment Tax (15.3%) $9,180 Without S Corporation Election TAXES S CORPORATION With S Corporation Election Net profit $60,000 60% Treated as Reasonable $36,000 subject to W-2 tax of 12.4% Compensation 40% Treated as a Dividend $24,000 (no self-employment tax) Employment Tax (12.4%) $4,464 The table is a simplified example of how an S Corporation Election works. Check with your accountant to address reasonable compensation issues and compliance. PROTECT THE LIABILITY SHIELD 28
29 Lawsuit someone slips and falls at your office Banks or business debts Other creditors business utilities, phone, etc. PROTECT THE LIABILITY SHIELD Lawsuit someone slips and falls at your office Banks or business debts Other creditors business utilities, phone, etc. PROTECT THE LIABILITY SHIELD 29
30 PROTECT THE LIABILITY SHIELD Lawsuit someone slips and falls at your office Banks or business debts Other creditors business utilities, phone, etc. Employment Taxes, Malpractice Claims, and Sales Taxes PROTECT THE LIABILITY SHIELD Lawsuit someone slips and falls at your office Banks or business debts Other creditors business utilities, phone, etc. Employment Taxes, Malpractice Claims, and Sales Taxes 30
31 What will weaken the shield? PROTECT THE LIABILITY SHIELD What will weaken the shield? No separate bank account PROTECT THE LIABILITY SHIELD 31
32 What will weaken the shield? No separate bank account Consistent use of business funds for personal use PROTECT THE LIABILITY SHIELD What will weaken the shield? No separate bank account Consistent use of business funds for personal use Signing contracts or leases in your individual name PROTECT THE LIABILITY SHIELD 32
33 What will weaken the shield? No separate bank account Consistent use of business funds for personal use Signing contracts or leases in your individual name Leaving the business with no assets PROTECT THE LIABILITY SHIELD PROTECT THE LIABILITY SHIELD What will weaken the shield? No separate bank account Consistent use of business funds for personal use Signing contracts or leases in your individual name Leaving the business with no assets Failing to observe formalities (meetings, board) esp. for PS. 33
34 Sole Proprietorship and General Partnership No filing required EIN State Business License (DBA) City Business License Bank Account General Partnership Partnership Agreement (recommended) Establishes rules and terms between the partners Decision making Distribution of profits and loss Leaving the partnership Adding new partners States required tax language CHECKLIST Limited Liability Partnership State Filing EIN State Business License (DBA) City Business License Bank Account Partnership Agreement (recommended) Establishes rules and terms between the partners Decision making Distribution of profits and loss Leaving the partnership Adding new partners States required tax language CHECKLIST 34
35 Professional Limited Liability Company State Filing EIN State Business License (DBA) City Business License Bank Account S Corp Election? Operating Agreement (recommended) Establishes rules and terms between the members Decision making and management Distribution of profits and loss Leaving the LLC Adding new members States required tax language CHECKLIST Professional Service Corporation State Filing (Articles) EIN State Business License City Business License Bank Account S Corp Election? Bylaws SH Consent Board Consent Subscription Agreement Buy Sell Agreement CHECKLIST 35
36 1) What entity or entities would you advise Rick, Carol, and Maggie/Glenn to use for their law firms? 2) Should an S Corporation Election be made? CLOSING Jeff Liang (jeff@ling-liang.com) Ling & Liang, PLLC 671 S. Jackson St. Suite 201 Seattle, WA (206)
Business Entities. James L. Sonneborn, Esq. Julia B. Joyce, Esq. Green & Seifter, Attorneys, PLLC
Business Entities James L. Sonneborn, Esq. Julia B. Joyce, Esq. Green & Seifter, Attorneys, PLLC April 14, 2010 Types of Business Entities Sole Proprietorship Corporation (S Corp & C Corp) General Partnership
More informationHow To Select The Best Entity For Your Business. By Juliet Kong, Enrolled Agent Maui County Business Resource Center, August 21st, 2018
How To Select The Best Entity For Your Business By Juliet Kong, Enrolled Agent Maui County Business Resource Center, August 21st, 2018 TODAY S WORKSHOP WILL COVER: The 5 Things to Consider When Selecting
More informationLimited Liability Companies
I have discussed various for-profit business structures for authors including sole proprietorships, partnerships and corporations. You may have heard about another type of business structure called a Limited
More informationTEXAS CORPORATION FORMATION CHECKLIST
TEXAS CORPORATION FORMATION CHECKLIST 1. Name of the Corporation: Fill in the proposed company name and two alternate names for the Corporation. Corporation names must include Incorporated, Corporation,
More informationAnswers to 5 Most Frequently Asked Questions from Contractors
Answers to 5 Most Frequently Asked Questions from Contractors presented by Hana Kern, Attorney Ryan, Swanson & Cleveland, PLLC kern@ryanlaw.com / 206-464-4224 November 9, 2016 Introduction 5 Legal Questions
More informationTEXAS PROFESSIONAL CORPORATION FORMATION CHECKLIST
TEXAS PROFESSIONAL CORPORATION FORMATION CHECKLIST 1. Name of the PC: Fill in the proposed company name and two alternate names for the PC. PC names must include Professional Corporation or an abbreviation
More informationCORPORATIONS AND PROFESSIONAL CORPORATIONS (PCS)
CORPORATIONS AND PROFESSIONAL CORPORATIONS (PCS) When opening a business account with TDECU for Corporations, S-Corporations and PCs, the business title must include one of the following: Inc., Corp.,
More information(1-50) NEW SMALL GROUP CHECKLIST
(1-50) NEW SMALL GROUP CHECKLIST Due date for application No later than 5:00 pm (Pacific Time) on the 20th of the month prior to the intended effective date of coverage, all required enrollment material
More informationLLC, LLP, PC, LP Business Formation Rules
Vertex Wealth Management LLC Michael Aluotto President Private Wealth Manager 1325 Franklin Ave., Ste. 335 Garden City, NY 11530 516-294-8200 mjaluotto@1stallied.com LLC, LLP, PC, LP Business Formation
More informationGUIDE TO SELECTING YOUR SMALL BUSINESS LEGAL STRUCTURE. To make your business #CPAPOWERED, call today and let s get started.
GUIDE TO SELECTING YOUR SMALL BUSINESS LEGAL STRUCTURE To make your business #CPAPOWERED, call today and let s get started. One important consideration when starting your business is determining the best
More informationBusiness Metamorphosis: When and Why to Change Business Your Structure
1 Business Metamorphosis When and Why to Change from a Sole Proprietorship, to a corporation or LLC 2 Table of Contents: INTRODUCTION CHOOSING THE RIGHT BUSINESS STRUCTURE... 6 CHAPTER ONE SOLE PROPRIETORSHIPS...
More informationBuild a Successful Notary Business by Understanding Your Taxes. Presented by David M. Green E.A. CNSA
Build a Successful Notary Business by Understanding Your Taxes Presented by David M. Green E.A. CNSA 1 Build a Successful Notary Business by Understanding Your Taxes David M. Green E.A., I own David M
More informationSole Proprietorship Limited Liability Co. (LLC) C-Corp S-Corp Fairly Easy Fairly Easy Fairly Easy Moderately Difficult
Estimated Ease of Formation Fairly Easy Fairly Easy Fairly Easy Moderately Difficult Formation Procedure Key Documents for Formation No Filing Required -DBA Filing (Give the business a name other than
More informationEntrepreneurs may choose from a myriad of entities, including:
TABLE OF CONTENTS Choices Available... 3 Entities Defined... 4 Tax Differences... 5 Legal Distinctions... 6 Liability Concerns... 6 Insurance versus Limited Liability... 7 Protect Using LLCs, LLPs, and
More informationMay be comprised of corporations, unincorporated businesses or any combination thereof.
Looking at Controlled Groups The Finer Points Sunday, April 28, 2013 Christian Hofstadter, JD, LLM, Employee Benefits Counsel, Sutter Health Janice M. Wegesin, CPC, EA, form5500help.com Types of related
More informationUnderstanding Legal Organization Structures
Understanding Legal Organization Structures Presented by Lisa A. Waligorski, CLM FM33 5/5/2018 3:00 PM The handout(s) and presentation(s) attached are copyright and trademark protected and provided for
More informationStarting a business venture
Business Formations Starting a business venture Business Formations When starting a business venture, you ll need to decide how to structure your operation. There are many types of business formations,
More informationTHE TEXAS SERIES LIMITED LIABILITY COMPANY
THE TEXAS SERIES LIMITED LIABILITY COMPANY STARR LAW FIRM, P.C. Attorneys and Counselors at Law P.O. Box 261034 Plano, Texas 75026-1034 972.633.2588 Fax 972.767-4932 E-mail: bert@starrlawfirm.com www.starrlawfirm.com
More informationThe Foundation: Structuring Your New Venture
TAKE YOUR TECHNOLOGY TO THE LIMIT! Center for Innovation and Technology Entrepreneurship Technology Entrepreneurship from Innovation to Business Venture The Foundation: Structuring Your New Venture Patrick
More informationPattie S Christensen S 300 E Draper, Utah (801) (801) FAX Client Intake Form
Pattie S Christensen 12903 S 300 E Draper, Utah 84020 (801) 878-7872 (801) 878-7892 FAX pchristensen@pattiechristensen.com Client Intake Form Name: _ Phone Number: Fax Number: Email: _ Preferred format
More informationIs Your Practice Structured to Avoid Taxes? Here s a look at tax entities. BY COLIN MCKAY
Is Your Practice Structured to Avoid Taxes? Here s a look at tax entities. 167 BY COLIN MCKAY Editor s Note: This article was a recent winner of the annual American Podiatric Medical Writers Association
More informationTax Planning for Law Firms Under the 2017 Tax Act Revisited: The Effects of the Proposed Regulations American Bar Association Section of Taxation
Tax Planning for Law Firms Under the 2017 Tax Act Revisited: The Effects of the Proposed Regulations American Bar Association Section of Taxation Wednesday, September 26, 2018 1 Presenters Morgan L. Klinzing,
More informationSolo 401k Contributions
Solo 401k Contributions In this guide, you'll learn how to calculate your Solo 401k contributions and how to document those contributions for your CPA and/or tax preparer. DISCLAIMER: Please note that
More informationGenerally speaking all three offer much the same protection for your personal assets if the business is sued.
Which business structure is best for my business? The most popular business structures are the: Sole proprietorship, Partnership, Limited liability company (LLC), S corporation (S corp) and C corporation
More informationLaunching a Law Firm Entity selection and startup considerations
Launching a Law Firm Entity selection and startup considerations Heather Dietrich Batzel, Esq. DC Bar Lunch + Learn October 5, 2017 Nothing in this presentation is intended as legal advice. The information
More informationBasic business operations for the entrepreneur
A Citibank Resource for Your Business Basic business operations for the entrepreneur Jack Hollingsworth/Stockbyte/Thinkstock It takes more than skill and hard work to run a successful business. It takes
More informationPresents Retirement Tax Planning Opportunities for 2013 & Beyond. May 22, 2013
Presents Retirement Tax Planning Opportunities for 2013 & Beyond May 22, 2013 Disclaimer: This presentation is intended only as a general discussion of these issues. It is not considered to be legal advice.
More informationCORPORATION INFORMATION ORGANIZER
CORPORATION INFORMATION ORGANIZER (S Corporations and C Corporations) (Professional and Business Corporations) 1400 W. Benson Blvd., Suite 370 Anchorage, AK 99503 907-258-3224 phone 907-258-3229 fax info@durrell.com
More informationTax Reform and Its Impact on Nonprofits
Wednesday, April 11, 2018 Tax Reform and Its Impact on Nonprofits Jeff Chapman Mike Engle Chris Hoyt Corey Ziegler Presented by Tax Reform and Its Impact on Nonprofits Welcome Dana Knapp Luann Feehan Presented
More informationStart Your Company Minutes and Meetings
Start Your Company Minutes and Meetings Start Your Company Meetings & Minutes Topics How to hold your first company meeting How to document your on-going business How to hold your annual meetings. Minute
More informationCall: or Visit us at: LaughlinUSA.com
Welcome We wanted to give our thanks in advance to the readers of this whitepaper who are moved to comment, share, blog or generally discuss the contents herein. We encourage you to reach out and share
More informationPage 2 of 7 11/23/09 MICHLAWWKLY (No Page) Page 1 11/23/09 Mich. Law. Wkly. (Pg. Unavail. Online) 2009 WLNR 23897692 Michigan Lawyers Weekly Copyright 2009 Dolan Media Company November 23, 2009 First Year
More informationADVISING STARTUPS AND ENTREPRENEURS
ADVISING STARTUPS AND ENTREPRENEURS T. Joshua Wu www.jwlawdc.com Sponsored by ADVISING STARTUPS AND ENTREPRENEURS 2 T. Joshua Wu www.jwlawdc.com OVERVIEW Starting a new business venture Choosing the business
More informationStarting a Business in the US as a Foreigner
Starting a Business in the US as a Foreigner What You Need to Know! Romy B. Jurado, Esq., Attorney Jurado & Farshchian, P.L. - 12955 Biscayne Blvd., Suite 328, North Miami, FL 33181 T: (305) 921-0440 F:
More informationChoice of Entity. 69 th Annual Program of the West Virginia Tax Institute October 28-30, 2018 Marriott Morgantown Morgantown, West Virginia
Choice of Entity 69 th Annual Program of the West Virginia Tax Institute October 28-30, 2018 Marriott Morgantown Morgantown, West Virginia John F. Allevato Spilman Thomas & Battle, PLLC 300 Kanawha Boulevard,
More informationLet s Connect! October 2017
Let s Connect! Choosing the Right Retirement Plan for Small Business Owners Planning for retirement can be a complicated and overwhelming process. To better maximize the potential for success in retirement,
More informationComparison of S Corporations and LLCs
College of William & Mary Law School William & Mary Law School Scholarship Repository William & Mary Annual Tax Conference Conferences, Events, and Lectures 2006 Comparison of S Corporations and LLCs Stefan
More informationEntity Selection for Real Estate Investors
2 Entity Selection for Real Estate Investors The process of buying real estate as an investment typically requires more than deep pockets. Investors must understand that taking certain precautions to organize
More informationTo LLC or Not to LLC: That is the Question!
To LLC or Not to LLC: That is the Question! by Jordan N. Uditsky Limited Liability Companies, or LLC as they are more commonly known, have been the entity du jour over the past decade, and I ve been asked
More informationThe Choice is Yours Revised November 2016
The Choice is Yours Sole Proprietorship General Partnership Limited Partnership Corporation Close Corporation Limited Liability Company Close Limited Liability Supplement Statutory Trust Limited Liability
More informationS CORPORATIONS - AN INCREDIBLE PLANNING TOOL
AUGUST 2004 S CORPORATIONS - AN INCREDIBLE PLANNING TOOL One of the most important of all business entities is the S (a/k/a subchapter S) corporation. This commentary will explain why this type of entity
More informationOwnership Structures and Incentive Programs for Design Professional Firms
Ownership Structures and Incentive Programs for Design Professional Firms May 10, 2018 Authors: Michael Strogoff, FAIA, Strogoff Consulting, Inc. Karen Kauh, Strogoff Consulting, Inc. With contributions
More informationThe Limited Liability Company Guidebook
The Limited Liability Company Guidebook Copyright 2017, Breglio Law Office, LLC Breglio Law Office 234 E 2100 South Salt Lake City, UT 84115 (801) 560-2180 admin@bregliolaw.com Thanks for taking some time
More informationNSBA 2017 SMALL BUSINESS TAXATION SURVEY NSBA 2018 SMALL BUSINESS TAXATION SURVEY
NSBA 2017 SMALL BUSINESS TAXATION SURVEY NSBA 2018 SMALL BUSINESS TAXATION SURVEY FOREWORD At the end of 2017, Congress passed--and the President signed--legislation to reform federal taxes, the Tax Cuts
More informationChap 7. Preparing the Proper Ethical and Legal Foundation
Starting New Ventures 64-361.202 Chap 7. Preparing the Proper Ethical and Legal Foundation Dr. Jack M. Wilson Distinguished Professor of Higher Education, Emerging Technologies, and Innovation Bernard
More informationFarm Business Arrangement Alternatives
Farm Business Arrangement Alternatives Introduction If the new and established operators decide to farm together after the testing stage, they are ready to move from the beginning farm business arrangement
More informationFederal Estate and Gift Tax and Use of Applicable Exclusion Amount 3. Pennsylvania Inheritance Tax 5. Gifting Techniques 6
Prepared by Howard Vigderman Last Updated August 8, 2016 Federal Estate and Gift Taxes, Pennsylvania Inheritances Taxes and Measures to Reduce Them 2 Even with the federal estate tax exemption at an historically
More informationStarting a Nonprofit Frequently Asked Questions
Starting a Nonprofit Frequently Asked Questions Q. Are nonprofit and tax-exempt the same thing? A. No. A nonprofit is a type of corporation that is formed at the state level. Nonprofit and notfor-profit
More information1/8/2016. Compensation Concerns for Sole Props and Partnerships. The different types of Business Entities
Compensation Concerns for Sole Props and Partnerships Norman Levinrad, EA, FSPA, MAAA Summit Benefit & Actuarial Services, Inc. The different types of Business Entities C Corporations S Corporations Partnerships
More informationIncorporating and Tax Exempting Procedures for Friends
Incorporating and Tax Exempting Procedures for Friends Sally Gardner Reed, Executive Director, United for Libraries 2012 by United for Libraries: The Association of Library Trustees, Advocates, Friends
More informationAsset Protection Introduction. The Wealth Preservation Institute 139 N. Whittaker New Buffalo, MI
Asset Protection Introduction The Wealth Preservation Institute 139 N. Whittaker New Buffalo, MI 49117 269-469-0537 www.thewpi.org Are your clients asset protection plans put together? Help your clients
More informationDISCLOSURE AND AUTHORIZATION FOR CONSUMER REPORTS
DISCLOSURE AND AUTHORIZATION FOR CONSUMER REPORTS APPLICANT S FIRST NAME LAST NAME In connection with my application for employment (including contract or volunteer services) or application to rent a dwelling
More informationQUESTIONS OF OWNERSHIP
QUESTIONS OF OWNERSHIP Ownership will affect your business legally, financially, and personally throughout life of business Things to consider: Do you want to go into business by yourself? Do you want
More informationThe Life and Times of a Dental Practice from a Legal and Tax Perspective
The Life and Times of a Dental Practice from a Legal and Tax Perspective Raj Tanden Los Angeles 213-972-4575 rtanden@foley.com Attorney Advertising Prior results do not guarantee a similar outcome Models
More informationWhat is Buying on Credit? What Kinds of Things Are Usually Bought on Credit? What is the Difference Between Open-End Credit and Closed-End Credit?
buying on credit What is Buying on Credit? When you buy on credit, you pay extra for the privilege of spreading your payments out over a period of time. What Kinds of Things Are Usually Bought on Credit?
More informationDesirable Characteristics for the Business Entity
Desirable Characteristics for the Business Entity Maintain control while giving interests to family members (unity of management) Avoiding veto power of small owners Preventing interests in family property
More informationANSWERS TO END-OF-CHAPTER QUESTIONS
This is a sample of the instructor resources for Louis C. Gapenski, PhD, Fundamentals of Healthcare Finance, Second Edition. The complete instructor resources include Test Bank PowerPoint slides Sample
More informationIntroduction To Partnerships And LLCs 1-4. Tax Impact of California Revised LLC Act
Introduction To Partnerships And LLCs 1-4 Tax Impact of California Revised LLC Act 2 Default Rule For Sales : Unanimous consent is required for the sale or lease of all, or substantially all, of the LLC's
More information23041 Mill Creek Dr. Laguna Hills, California April 12, Protecting Your Business
TAXATION CORPORATE & BUSINESS LAW ESTATE PLANNING MICHAEL R. BROWN, A LAW CORPORATION MASTER OF BUSINESS ADMINISTRATION CERTIFIED PUBLIC ACCOUNTANT CERTIFIED TAX SPECIALIST (State Bar of California Board
More informationTAX FILING FOR STUDENTS AND SCHOLARS 101. Columbus Community Legal Services
TAX FILING FOR STUDENTS AND SCHOLARS 101 Columbus Community Legal Services INTRODUCTION Who are we? Part of the Catholic University of America s Columbus School of Law Columbus Community Legal Services
More informationSUMMARY PLAN DESCRIPTION FOR. Richmond Public Schools 403(b) Retirement Plan
SUMMARY PLAN DESCRIPTION FOR Richmond Public Schools 403(b) Retirement Plan 3-1-2014 Table of Contents Article 1... Introduction Article 2... General Plan Information and Key Definitions Article 3... Description
More informationSole Proprietorships. Partnerships. Corporations. S Corporations. Limited Liability Company (LLC) Sole Proprietorship
When beginning a business, you must decide what form of business entity to establish. Your form of business determines which income tax return form you have to file. The most common forms of business are
More informationShoreline Neighborhood Association Presentation. City of Shoreline, Washington March 19, 2008
Shoreline Neighborhood Association Presentation City of Shoreline, Washington March 19, 2008 Susan Schalla, Attorney Davis Wright Tremaine LLP 1201 Third Avenue, Suite 2200 Seattle, WA 98101 (206) 757-7700
More informationCompany Setup. The Case Studies To Prove It & The Software To Do It
Company Setup Why Setup An LLC? Why Setup An LLC? Help Shield The Liability Of Your Company Personal Protection For Business Debts & Claims Tax Benefits Deducting Online Training & Software Tax Benefits
More informationMANDATORY MALPRACTICE INSURANCE TASK FORCE
MANDATORY MALPRACTICE INSURANCE TASK FORCE AGENDA November 28, 2018 1:00 4:00 p.m. Conference Call: 1-866-577-9294; Code: 52824# AGENDA 1. Preliminary Matters and Approval of October 24, 2018 minutes 2.
More informationCHOICE OF ENTITY: AN OVERVIEW. Steven G. Thomas, JD, LL.M. Lavelle & Finn, LLP
CHOICE OF ENTITY: AN OVERVIEW by Steven G. Thomas, JD, LL.M. Lavelle & Finn, LLP 1 2 BUSINESS ORGANIZATIONS: Tax and Legal Aspects Compared Choice of Entity: An Overview November 4, 2015 Steven G. Thomas,
More informationQUESTIONS AND ANSWERS: NEW IRS REQUIREMENTS FOR EMPLOYERS
QUESTIONS AND ANSWERS: NEW IRS REQUIREMENTS FOR EMPLOYERS Big Picture Question: Why is this Reporting Required Now? The new reporting rules have been created because of two different ACA rules. INDIVIDUAL
More informationChoosing the Right Legal Entity for a Startup Business
NEW YORK STATE BAR ASSOCIATION Choosing the Right Legal Entity for a Startup Business Maureen Crush, Esq. FACTORS TO CONSIDER: º COST (What the Client is worried about) - Including filing fees, annual
More informationDon t Forget Tax Day: Taxpayers Bill of Rights and the Importance of Paying Taxes March 26, 2015; 6:00 PM 7:30 PM
EVALUATION FORM In order for us to improve our continuing legal education programs, we need your input. Please complete this evaluation form and place it in the box provided at the registration desk at
More informationLegal Aspects of a Professional Consulting Practice
Legal Aspects of a Professional Consulting Practice THRESHOLD CONSIDERATIONS operate alone or with partner(s)? from home or leased office space? legal form in which to operate filings related to formation
More informationa guide to forming your business
a guide to forming your business table of contents entity descriptions, advantages & disadvantages... 2 sole proprietorship.... 2 general partnership................................. 2 limited partnership...3
More informationFoundations of Business Planning
INDIVIDUAL LIFE INSURANCE Foundations of Business Planning Understanding the Life Insurance Needs of Closely Held Small Business Owners FOR LICENSED AGENT USE ONLY - NOT FOR USE WITH THE PUBLIC Objectives
More informationnew business account opening form
opening form Please complete the application and bring it with you to the Jefferson Banking Center nearest you or mail it to the address at the bottom of this page. NOTE: Please provide a completed form
More informationSUMMARY PLAN DESCRIPTION FOR. Independent Support Services, Inc. 403(b) Plan
SUMMARY PLAN DESCRIPTION FOR Independent Support Services, Inc. 403(b) Plan 1-1-2018 Table of Contents Article 1...Introduction Article 2...General Plan Information and Key Definitions Article 3...Description
More informationChoosing the Legal Structure of Your Business
Brief #02.00 Latest Revision: 09/2013 Southern Ohio Chapters Choosing the Legal Structure of Your Business Sole Proprietorship "C" Corporation Limited Liability Partnership Partnership "S" Corporation
More informationTeam Definition Licensing Broker Supervision Advertising Compensation Complying with law
Business Entities Team Definition Licensing Broker Supervision Advertising Compensation Complying with law Team Definition Two or more individuals, one or more of whom is a real estate salesperson or broker,
More informationBUSINESS FORMATION REFERENCE. I intend to set up a business. What are my choices for organizing it?
BUSINESS FORMATION REFERENCE I intend to set up a business. What are my choices for organizing it? You can choose to enter into business as a sole proprietor, within a partnership, or through a corporation.
More informationC H Youth Development. reasurer s. Book
C0231 reasurer s 4-H Youth Development Book 1 2 Responsibilities of the 4-H Treasurer Congratulations! Your fellow 4-H group members have shown their confidence in you by electing you Treasurer. The Treasurer
More informationSmall Business Success Podcast: BUSINESS INCORPORATION
Small Business Success Podcast: BUSINESS INCORPORATION The SCORE Small Business Success Podcast features interviews with the best and brightest in the world of small business, covering topics such as business
More informationMARRIAGE & MONEY. Planning For Forever After
MARRIAGE & MONEY Planning For Forever After Introduction Did you know conversations about money are a primary - if not the #1 - source of conflict among couples? Addressing both the emotional and communication
More informationSENIOR BULLETIN: SSI/GAU. Supplied shelter, clothing or food and its effect on SSI
VOL. 00-1 DATE: March 19, 2000 Updated January 21, 2003 FROM: Peter Greenfield SENIOR BULLETIN: SSI/GAU Supplied shelter, clothing or food and its effect on SSI The Supplemental Security Income (SSI) program
More informationLawsuit Prevention & suit Tax Reduction Steve Comer Asset Definitions High Risk High Asset Risk Asset Can Create a Create Lawsuit Safe Asset Safe
Understanding Legal Tools: The Key To Lawsuit Prevention & Tax Reduction Speaker: Steve Comer Asset Definitions High Risk Asset: Can Create a Lawsuit Safe Asset: Cannot Create a Lawsuit Inside Asset: Everything
More informationSarasota 240 South Pineapple Ave. 10th Floor Sarasota, Florida
The Estate Planner November/December 2013 Estate planning in divorce: Don t put it off Prepare your estate plan for postmortem flexibility The U.S. Supreme Court DOMA ruling How it affects estate planning
More informationTax Basics for Small Business
Tax Basics for Small Business 19 th Edition Attorney Frederick W. Daily Introduction... 1 Chapter 1 Tax Basics... 3 Learning Objectives... 3 Introduction... 3 How Tax Law Is Made and Administered: The
More informationFarm Business Arrangement Alternatives. Introduction. Sole Proprietorships. Partnerships. Farm Business Arrangements Page 1
Farm Business Arrangement Alternatives Philip E. Harris Department of Agricultural and Applied Economics and Center for Dairy Profitability University of Wisconsin-Madison/Extension (Revised 14 January
More informationESSENTIALS OF ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT 6E Chapter 5: Forms of Business Organization
5-1 Choosing a Form of Ownership There is no one best form of ownership. The best form of ownership depends on an entrepreneur s particular situation. Key: Understanding the characteristics of each form
More informationBlessings to Others, Inc. Life Skills Program Workshop
Blessings to Others, Inc. Life Skills Program Workshop Interest & Passion Exploration Job Creation Increase Personal Income Expand Skills Professional Freedom Address Community Need Address Community Need
More informationCreditor Protection for High Net Worth Individuals and Business Owners
Creditor Protection for High Net Worth Individuals and Business Owners Presented by Maritess T. Bott of Bott & Associates, Ltd. Attorneys at Law Helping people preserve their wealth The Family Business
More informationNotice 97-11, CB 379, 12/30/1996, IRC Sec(s) Qualified domestic relations orders qualified plans. Headnote: Full Text: I.
Checkpoint Contents Federal Library Federal Source Materials IRS Rulings & Releases Revenue Rulings & Procedures, Notices, Announcements, Executive & Delegation Orders, News Releases & Other IRS Documents
More informationEstate Planning with Individual Retirement Accounts
Estate Planning with Individual Retirement Accounts INTRODUCTION Proper estate planning ensures that there is a legacy left behind after you have passed away. It ensures that your affairs will be managed
More information3 Simple Tricks to Legally. Lower Your Taxes
3 Simple Tricks to Legally Lower Your Taxes 1 3 Simple Tricks to Legally Lower Your Taxes By Ted Bauman ALBERT Einstein once said: The hardest thing in the world to understand is the income tax. He was
More informationOrganizational Guidelines for Friendship Force Clubs in the USA Effective Date: June 23, 2017
Organizational Guidelines for Friendship Force Clubs in the USA Effective Date: June 23, 2017 Friendship Force clubs are independent organizations with each club responsible for developing and maintaining
More informationIS YOUR CLIENT S PLAN OUT OF CONTROL? (Controlled Groups) Jane Armstrong, Esq., Phelps Dunbar LLP Avaneesh Bhagat, Group Manager, IRS
IS YOUR CLIENT S PLAN OUT OF CONTROL? (Controlled Groups) Jane Armstrong, Esq., Phelps Dunbar LLP Avaneesh Bhagat, Group Manager, IRS Jane Armstrong, Esq., Partner, Phelps Dunbar, LLP Jane Armstrong is
More informationCLIENT BUSINESS ORGANIZATION QUESTIONNAIRE
CLIENT BUSINESS ORGANIZATION QUESTIONNAIRE PLEASE NOTE: IN ORDER FOR ME TO PROPERLY PREPARE YOUR ORGANIZATIONAL DOCUMENTS, I NEED YOU TO COMPLETE THE INFORMATION CONTAINED ON THE FOLLOWING PAGES. YOUR
More informationTwo Legal Strategies for Small Business Success
Two Legal Strategies for Small Business Success By Michael J. Thomas, Attorney & Founder Introduction So you ve taken your business from a seed of an idea to opening day. It can seem like a long road to
More informationMissouri LLC User Guide JANUARY Sewell Law, LC. Page 1
Missouri LLC User Guide JANUARY 2015 Sewell Law, LC www.stlouisllcattorney.com Page 1 Introduction The main purpose of operating your business through a limited liability company is to limit your personal
More informationPlease DO NOT INCLUDE 4 H FUNDING in your responses to the following questions.
Results of County Extension Director Survey on the Status of Local Extension Bank Accounts 1. Does your county use the 4 H Association as a bank account for programs other than 4 H? a. No 57 b. Yes 7 Please
More informationJOHN B. GOLDHAMER, MBA, J.D. Equivalent Glen Allen, Virginia I can Hammer out any Problem!
JOHN B. GOLDHAMER, MBA, J.D. Equivalent Glen Allen, Virginia www.linkedin.com/in/johngoldhamer www.johngoldhamer.com I can Hammer out any Problem! John B. Goldhamer is an Authored Tax Law Expert with Education
More informationTHE REVOCABLE OR LIVING TRUST APPROACH
THE REVOCABLE OR LIVING TRUST APPROACH In working with innumerable clients over the years we have reviewed all types of estate planning documents. From simple Wills that were done just after a couple married,
More informationThe Key To Asset Protection
Understanding Legal Tools: Asset Definitions The Key To High Risk Asset: Safe Asset: Can Create a Lawsuit Cannot Create a Lawsuit Speaker: Sponsored by: Inside Asset: Everything owned in One Entity Dan
More information